Ero Copper Corp. recently approved the construction of the Boa Esperança Project, located in Pará, Brazil. Construction is expected to begin in the second quarter, and the company expects to achieve first production during the third quarter of 2024.

The Boa Esperanҫa copper project is located in the mining province of Carajás, approximately 40 kilometers (km) southwest of the city of Tucumã. The project is expected to add 326,000 tons of recovered copper over an initial mine life of 12 years.

According to feasibility studies, the average annual life-of-mine copper production of 27 kt is expected at C1 cash costs of US$1.36/lb, with an after-tax NPV8% of US$380 million, an IRR of 41.8% and a payback period of 1.4 years.

The company has already made significant progress on the main work, including advancement of critical path contracts (early works, power infrastructure and site construction, with rig mobilization scheduled for April), detailed engineering and construction designs, and ongoing drilling programs including further exploration in the Gap Zone and completion of condemnation drilling for site infrastructure.